Analysis for LMT

📈 Growth & Financial Trajectory

Over the 8-quarter span, revenues rose from about $17.1B in 2024-Q3 to about $20.1B in 2026-Q2, a ~17% gain. Net income increased from $1.62B to $1.84B, though the path included a mid-period dip in 2024-Q4 and a peak in 2025-Q3. The trend shows top-line growth with fluctuating bottom-line momentum.

💰 Margins & Cash Flow

Gross profit hovered around $2.0B–$2.4B on revenues of $17B–$20B, implying gross margins near 12% with volatility. Operating cash flow remained robust, with quarterly operating cash flow around $2.0B–$3.3B in recent periods, supporting liquidity despite variability in investing/financing.

🛡️ Balance Sheet & Liquidity

Total assets run roughly $58B–$62B; liabilities about $53B–$60B; equity around $6B–$8B. Current assets coverage of current liabilities yields a modest liquidity cushion (current ratio ~1.1–1.3). Long-term debt remains meaningful, contributing to leverage, but cash generation provides resilience.

⚠️ Key Drivers & Risks

• Drivers: Defense budgets and program backlogs; steady government demand for core programs.
• Risks: Budgetary volatility and program mix impact; high leverage and macro budget sensitivity.